Common use of Currency of Account and Payment Clause in Contracts

Currency of Account and Payment. (a) The dollar is the currency of account and payment for each and every sum at any time due from the Borrowers hereunder; provided, however, that: (i) each repayment of a Borrowing or a part thereof shall be made in the currency in which such Borrowing is denominated at the time of that repayment; (ii) each payment of interest shall be made in the currency in which the sum in respect of which such interest is payable is denominated; (iii) each payment in respect of costs and expenses shall be made in the currency in which the same were incurred; and (iv) each payment pursuant to Sections 2.14, 2.15, 2.16, 2.20 and 2.21 shall be made in the currency specified by the Administrative Agent. (b) If any sum due from any Loan Party under this Agreement, any other Loan Document or any order or judgment given or made in relation hereto has to be converted from the currency (the “first currency”) in which the same is payable hereunder or under such order or judgment into another currency (the “second currency”) for the purpose of (a) making or filing a claim or proof against any Loan Party, (b) obtaining an order or judgment in any court or other tribunal or (c) enforcing any order or judgment given or made in relation hereto, the Borrowers shall indemnify and hold harmless the Agents and each Lender from and against any loss suffered or incurred as a result of any discrepancy between (i) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (ii) the rate or rates of exchange at which any Agent or Lender may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof.

Appears in 2 contracts

Samples: Credit Agreement (Allied Motion Technologies Inc), Credit Agreement (Allied Motion Technologies Inc)

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Currency of Account and Payment. (a) 22.1 The dollar is the currency of account and payment for each and every sum at any time due from either the Borrowers hereunder; provided, however, Obligors hereunder Provided that: (i) each repayment of a Borrowing an Advance or a part thereof shall be made in the currency in which such Borrowing Advance is denominated at the time of that repayment; (ii) each payment of interest shall be made in the currency in which the sum in respect of which such interest is payable is denominated; (iii) each payment in respect of costs and expenses shall be made in the currency in which the same were incurred; and; (iv) each payment pursuant to Sections 2.14, 2.15, 2.16, 2.20 and 2.21 Clause 11.2 or Clause 13.1 shall be made in the currency specified by the Administrative Agentparty claiming thereunder; and (v) any amount expressed to be payable in a currency other than dollars shall be paid in that other currency. (b) 22.2 If any sum due from any Loan Party either of the Obligors under this Agreement, any other Loan Document Agreement or any order or judgment given or made in relation hereto has to be converted from the currency (the "first currency") in which the same is payable hereunder or under such order or judgment into another currency (the "second currency") for the purpose of (ai) making or filing a claim or proof against any Loan Partysuch Obligor, (bii) obtaining an order or judgment in any court or other tribunal or (ciii) enforcing any order or judgment given or made in relation hereto, the Borrowers Borrower shall indemnify and hold harmless each of the Agents and each Lender persons to whom such sum is due from and against any loss suffered or incurred as a result of any discrepancy between (ia) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (iib) the rate or rates of exchange at which any Agent or Lender such person may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof.

Appears in 1 contract

Samples: Multicurrency Revolving Credit Facility Agreement (Incentive Ab)

Currency of Account and Payment. (a) The dollar 23.1 Sterling is the currency of account and payment for each and every sum at any time due from the Borrowers hereunder; provided, however, an Obligor hereunder provided that: (i) 23.1.1 each repayment of a Borrowing an Advance or a part thereof shall be made in the currency in which such Borrowing Advance is denominated at the time of that repayment; (ii) 23.1.2 each payment of interest shall be made in the currency in which the sum in respect of which such interest is payable is denominated; (iii) 23.1.3 any amount expressed to be payable in a currency other than Sterling shall be paid in that other currency; 23.1.4 each payment in respect of costs and expenses shall be made in the currency in which the same were incurred; and (iv) 23.1.5 each payment pursuant to Sections 2.14, 2.15, 2.16, 2.20 and 2.21 Clause 11.2 or Clause 13.1 shall be made in the currency specified by the Administrative Agentparty claiming thereunder. (b) 23.2 If any sum due from any Loan Party an Obligor under this Agreement, any other Loan Document Agreement or any order or judgment given or made in relation hereto has to be converted from the currency (the "first currency") in which the same is payable hereunder or under such order or judgment into another currency (the "second currency") for the purpose of (ai) making or filing a claim or proof against any Loan Partysuch Obligor, (bii) obtaining an order or judgment in any court or other tribunal or (ciii) enforcing any order or judgment given or made in relation hereto, the Borrowers such Obligor, as a separate and independent obligation, shall indemnify and hold harmless each of the Agents and each Lender persons to whom such sum is due from and against any loss suffered or incurred as a result of any discrepancy between (ia) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (iib) the rate or rates of exchange at which any Agent or Lender such person may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof.

Appears in 1 contract

Samples: Multicurrency Revolving Credit Facility Agreement (Mbna Corp)

Currency of Account and Payment. (a) The dollar 12.1 Sterling is the currency of account and payment for each and every sum at any time due from the Borrowers hereunder; providedany person hereunder Provided, however, that: (i) each repayment of a Borrowing or a part thereof shall be made in the currency in which such Borrowing is denominated at the time of that repayment; (ii) each payment of interest shall be made in the currency in which the sum in respect of which such interest is payable is denominated; (iii) 12.1.1 each payment in respect of costs and expenses shall be made in the currency in which the same were incurred; and (iv) 12.1.2 each payment pursuant (if any) which is expressed herein to Sections 2.14, 2.15, 2.16, 2.20 and 2.21 be payable in another currency shall be made in the currency specified by the Administrative Agentthat other currency. (b) 12.2 If any sum due from any Loan Party a person (a "relevant person") under this Agreement, any other Loan Document Deed or any order or judgment given or made in relation hereto has to be converted from the currency (the "first currency") in which the same is payable hereunder or under such order or judgment into another currency (the "second currency") for the purpose of (ai) making or filing a claim or proof against any Loan Partythe relevant person, (bii) obtaining an order or judgment in any court or other tribunal or (ciii) enforcing any order or judgment given or made in relation hereto, the Borrowers relevant person shall indemnify and hold harmless the Agents and each Lender person to whom such sum is due from and against any loss suffered or incurred as a result of any discrepancy between (ia) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (iib) the rate or rates of exchange at which any Agent or Lender such person may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof. 12.3 Except as specifically provided in this Deed or any other Transaction Document all payments made by any person hereunder shall be made free and clear of and without any deduction for or on account of any set-off or counterclaim unless otherwise agreed in writing by the Transferor and the Receivables Trustee.

Appears in 1 contract

Samples: Receivables Securitisation Deed

Currency of Account and Payment. (a) The dollar 12.1 Sterling is the currency of account and payment for each and every sum at any time due from the Borrowers hereunder; providedany person hereunder PROVIDED, howeverHOWEVER, that: (i) each repayment of a Borrowing or a part thereof shall be made in the currency in which such Borrowing is denominated at the time of that repayment; (ii) each payment of interest shall be made in the currency in which the sum in respect of which such interest is payable is denominated; (iii) 12.1.1 each payment in respect of costs and expenses shall be made in the currency in which the same were incurred; and (iv) 12.1.2 each payment pursuant (if any) which is expressed herein to Sections 2.14, 2.15, 2.16, 2.20 and 2.21 be payable in another currency shall be made in the currency specified by the Administrative Agentthat other currency. (b) 12.2 If any sum due from any Loan Party a person (a "RELEVANT PERSON") under this Agreement, any other Loan Document Deed or any order or judgment given or made in relation hereto has to be converted from the currency (the “first currency”"FIRST CURRENCY") in which the same is payable hereunder or under such order or judgment into another currency (the “second currency”"SECOND CURRENCY") for the purpose of (ai) making or filing a claim or proof against any Loan Partythe relevant person, (bii) obtaining an order or judgment in any court or other tribunal or (ciii) enforcing any order or judgment given or made in relation hereto, the Borrowers relevant person shall indemnify and hold harmless the Agents and each Lender person to whom such sum is due from and against any loss suffered or incurred as a result of any discrepancy between (ia) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (iib) the rate or rates of exchange at which any Agent or Lender such person may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof. 12.3 Except as specifically provided in this Deed or any other Transaction Document all payments made by any person hereunder shall be made free and clear of and without any deduction for or on account of any set-off or counterclaim unless otherwise agreed in writing by the Transferor and the Receivables Trustee.

Appears in 1 contract

Samples: Receivables Securitisation Deed (Turquoise Receivables Trustee LTD)

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Currency of Account and Payment. (a) The dollar 12.1 Sterling is the currency of account and payment for each and every sum at any time due from the Borrowers hereunder; providedany person hereunder PROVIDED, howeverHOWEVER, that: (i) each repayment of a Borrowing or a part thereof shall be made in the currency in which such Borrowing is denominated at the time of that repayment; (ii) each payment of interest shall be made in the currency in which the sum in respect of which such interest is payable is denominated; (iii) 12.1.1 each payment in respect of costs and expenses shall be made in the currency in which the same were incurred; and (iv) 12.1.2 each payment pursuant which is expressed herein to Sections 2.14, 2.15, 2.16, 2.20 and 2.21 be payable in another currency shall be made in the currency specified by the Administrative Agentthat other currency. (b) 12.2 If any sum due from any Loan Party a person (a "RELEVANT PERSON") under this Agreement, any other Loan Document Deed or any order or judgment given or made in relation hereto has to be converted from the currency (the “first currency”"FIRST CURRENCY") in which the same is payable hereunder or under such order or judgment into another currency (the “second currency”"SECOND CURRENCY") for the purpose of (ai) making or filing a claim or proof against any Loan Partythe relevant person, (bii) obtaining an order or judgment in any court or other tribunal or (ciii) enforcing any order or judgment given or made in relation hereto, the Borrowers relevant person shall indemnify and hold harmless the Agents and each Lender person to whom such sum is due from and against any loss suffered or incurred as a result of any discrepancy between (ia) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (iib) the rate or rates of exchange at which any Agent or Lender such person may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof. 12.3 All payments made by any person hereunder shall be made free and clear of and without any deduction for or on account of any set-off or counterclaim unless otherwise agreed in writing by the relevant Transferor and the Receivables Trustee or, as the case may be, the relevant Additional Transferor and the Receivables Trustee.

Appears in 1 contract

Samples: Receivables Securitisation Deed (Arran Funding LTD)

Currency of Account and Payment. (a) The dollar 12.1 Sterling is the currency of account and payment for each and every sum at any time due from the Borrowers hereunder; providedany person hereunder PROVIDED, howeverHOWEVER, that: (i) each repayment of a Borrowing or a part thereof shall be made in the currency in which such Borrowing is denominated at the time of that repayment; (ii) each payment of interest shall be made in the currency in which the sum in respect of which such interest is payable is denominated; (iii) 12.1.1 each payment in respect of costs and expenses shall be made in the currency in which the same were incurred; and (iv) 12.1.2 each payment pursuant which is expressed herein to Sections 2.14, 2.15, 2.16, 2.20 and 2.21 be payable in another currency shall be made in the currency specified by the Administrative Agentthat other currency. (b) 12.2 If any sum due from any Loan Party a person (a "RELEVANT PERSON") under this Agreement, any other Loan Document Deed or any order or judgment given or made in relation hereto has to be converted from the currency (the “first currency”"FIRST CURRENCY") in which the same is payable hereunder or under such order or judgment into another currency (the “second currency”"SECOND CURRENCY") for the purpose of (ai) making or filing a claim or proof against any Loan Partythe relevant person, (bii) obtaining an order or judgment in any court or other tribunal or (ciii) enforcing any order or judgment given or made in relation hereto, the Borrowers relevant person shall indemnify and hold harmless the Agents and each Lender person to whom such sum is due from and against any loss suffered or incurred as a result of any discrepancy between (ia) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (iib) the rate or rates of exchange at which any Agent or Lender such person may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof.

Appears in 1 contract

Samples: Receivables Securitisation Deed (Arran Funding LTD)

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